GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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store houses of RBI for banknotes
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store houses of RBI for small coins
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store houses of commercial banks for rupee coins
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store houses of commercial banks for small coins
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Detailed explanation-1: -Those small coin depots act as the storehouses to reserve the small coins and distribute them to other bank branches throughout the country. Small coins are minted in Government owned mints and issued by Govt. of India. and are distributed by Reserve Bank of India as an authorized agency of the Central Government.
Detailed explanation-2: -Coins up to 50 paise are called ‘small coins’ and coins of Rupee one and above are called ‘Rupee Coins’. Coins in the denomination of 1 paise, 2 paise, 3 paise, 5 paise, 10 paise, 20 paise and 25 paise have been withdrawn from circulation with effect from June 30, 2011 and are, therefore, no more legal tender.
Detailed explanation-3: -The designing and minting of coins in various denominations is also the responsibility of the Government of India. Coins are minted at the four India Government Mints at Mumbai, Alipore(Kolkata), Saifabad(Hyderabad), Cherlapally (Hyderabad) and NOIDA (UP).
Detailed explanation-4: -The Reserve Bank of India The Indian government is solely responsible for minting coins. The RBI is permitted to print currency up to 10, 000 rupee notes. To deter counterfeiting and fraud, the Indian government withdrew the 500 and 1, 000 rupee notes from circulation in 2016.